Legislative Improvement Plans over Aquaculture Insurance in China

Legislative Improvement Plans over Aquaculture Insurance in China

China is the world"s largest producer of aquaculture products. According to data released by the Food and Agriculture Organization of the United Nations (FAO), China"s aquaculture production accounts for 57.29% of the world"s total production. In addition, about 58.5 million people in China are engaged in aquaculture, and it is also creating many jobs. China"s aquaculture industry can be divided into land aquaculture and marine aquaculture, with land-based aquaculture farms accounting for 70% of the total aquaculture farm area. In particular, marine disasters pose a problem in marine aquaculture, with significant economic losses due to marine disasters such as storms, tidal waves, waves, sea ice, and red tide. However, the problem is that the aquaculture insurance system, which can be considered an important risk transfer tool for China"s aquaculture industry, is not systematically organized. First, there is the problem that the central government"s support system is incomplete. Second, there is no risk diversification mechanism for aquaculture insurance. Third, there is the problem that aquaculturists" awareness of aquaculture insurance is very low. Fourth, there is the problem of insufficient legislation related to aquaculture insurance. In order for China"s aquaculture industry to grow and develop steadily, the aquaculture insurance law needs to be improved legislatively. Therefore, first, the government support system needs to be improved in terms of finance. Second, in order to improve the risk diversification mechanism in aquaculture insurance, it is necessary to establish an aquaculture insurance fund and activate reinsurance. Third, in order to activate aquaculture insurance, it is necessary to train loss assessment specialists and improve the insurance payment system. Fourth, the aquaculture insurance law needs to be legislated at the central government level.

China is the world"s largest producer of aquaculture products. According to data released by the Food and Agriculture Organization of the United Nations (FAO), China"s aquaculture production accounts for 57.29% of the world"s total production. In addition, about 58.5 million people in China are engaged in aquaculture, and it is also creating many jobs. China"s aquaculture industry can be divided into land aquaculture and marine aquaculture, with land-based aquaculture farms accounting for 70% of the total aquaculture farm area. In particular, marine disasters pose a problem in marine aquaculture, with significant economic losses due to marine disasters such as storms, tidal waves, waves, sea ice, and red tide. However, the problem is that the aquaculture insurance system, which can be considered an important risk transfer tool for China"s aquaculture industry, is not systematically organized. First, there is the problem that the central government"s support system is incomplete. Second, there is no risk diversification mechanism for aquaculture insurance. Third, there is the problem that aquaculturists" awareness of aquaculture insurance is very low. Fourth, there is the problem of insufficient legislation related to aquaculture insurance. In order for China"s aquaculture industry to grow and develop steadily, the aquaculture insurance law needs to be improved legislatively. Therefore, first, the government support system needs to be improved in terms of finance. Second, in order to improve the risk diversification mechanism in aquaculture insurance, it is necessary to establish an aquaculture insurance fund and activate reinsurance. Third, in order to activate aquaculture insurance, it is necessary to train loss assessment specialists and improve the insurance payment system. Fourth, the aquaculture insurance law needs to be legislated at the central government level.